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Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation. A home appraisal is a trained professional’s unbiased assessment of the fair market value of the property. Knowing how much a home is really worth assures the lender that it is lending the borrower the right amount of financing. A home equity line of credit, or HELOC, could help you achieve your life priorities. At Bank of America®, we want to help you understand how you might put a HELOC to work for you.
Bank of America’s home value estimate is based on six comparable sales, only one of which sold in 2022. The buyer can offer to pay the difference between the purchase price and the amount the bank will lend in cash. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided.
What’s the difference between an appraisal and an inspection?
Besides the estimate, its results page shows a map and public records’ information as well as some home loan options. The company offers an up-to-date margin of error for top metropolitan markets and every state. The nationwide median error rate for listed homes hovers around 1.9%; the rate for off-market properties is approximately 6.9%. The AVM’s accuracy depends on the availability of data in a home’s geographic location. In some markets, home information — such as square footage, number of bedrooms and bathrooms and other details — are more accessible than in other regions.
A home appraisal is an essential part of the home-buying process. It’s important to understand the ins and outs of an appraisal before you make any financial moves. Most HELOCs have a variable rate, which means the interest rate can change over time based on the Wall Street Journal Prime Rate. And there's Preferred Rewards, which extends benefits to you as your qualifying Bank of America balances grow. The interest rate is often lower than other forms of credit, and the interest you pay may be tax deductible, but you should consult a tax advisor.
Take advantage of these interest rate discounts
Manage your account and make payments using our top-rated Mobile Banking app and Online Banking. Manage your account, make payments and transfer funds using our top-rated Mobile Banking app and Online Banking. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services.
Using local real estate market data, the report provides two estimated market values for your home, both from leading providers. Get free, objective, performance-based recommendations for top real estate agents in your area. Eppraisal.com’s estimator accesses public county records and culls the data from up to 20 recent property values and nearby comparable properties. To calculate a price range, it plugs that information into a proprietary mathematical formula that takes into account each property’s characteristics and recent property sales in the area.
How can I find my home's estimated value?
Home values in this suburb have risen by 28.4% over the past year, according to Zillow. Our home has risen in value by 25.5% in that timeframe, based on this chart. Underneath the home’s overview is a chart of how its home value has changed over the past 20 years. Not surprisingly, its home value has soared over the past 2 years. We put Bank of America’s home value tool to the test on a single-family property in Davidson, a suburb of Charlotte, North Carolina.
Read our Chase home value estimator review for more information. Real estate agents and appraisers rarely use comps that sold more than six months from the date of the home valuation. We ran the numbers and came up with a home value estimate of $699,033 for this home, based on the average sales price of three similar, recent area home sales.
Perhaps the appraiser miscounted the number of bedrooms, for example, or didn’t properly calculate the value of recent home improvements. The appraiser also might have used old market comparisons or property listings to gauge the home’s value. Keep in mind, appraisals are both objective and subjective in nature—meaning they are based on public information and market data, as well as the appraiser’s professional opinion and experience in the neighborhood. When you buy your home, you’ll need cash for a down payment and closing costs . Putting less than 20% down will typically require you to pay for private mortgage insurance . Closing costs could be about 3-7% of the total loan amount and will include charges such as loan origination fees, title insurance and appraisal fees.
The tool also automatically pulls in a module displaying recent nearby sales information. Chase's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit. Please review its terms, privacy and security policies to see how they apply to you.
Your estimated home value appears on the left-hand corner of the screen. Underneath that, view the home value date, and its beds, baths, and square footage. Once on Bank of America’s home value page, enter the address you wish to receive a home value for, and click get home value estimate. While it compares favorably to Chase and other large banks offering home values, we didn’t find it to be that accurate.
You plug in an address, hit enter, and receive a home value within seconds. If you’re not yet ready to speak with an agent, consider using multiple home value estimators to see how your home valuation compares. Home value estimators have different opinions of value, and shouldn’t be used in place of a professional CMA report or appraisal. Unlike the home value estimators, we only used home sales within the past six months.
Once that borrowing period ends, you'll continue to pay principal and interest on what you borrowed. If a HELOC sounds right for you, get started today by giving us a call, visiting a financial center, or applying online at bankofamerica.com/HomeEquity. The Variable Intro Rate is based upon The Wall Street Journal Prime Rate (“Prime”) minus a discount; the results in the APR state above, and can change periodically based on Prime. No customer or other discounts are available during the Variable-Rate Introductory Period.
Windfinder specializes in wind, waves, tides and weather reports & forecasts for wind related sports like kitesurfing, windsurfing, surfing, sailing, fishing or paragliding. I don't understand why appraisers can't band together to stabilize and... The appraisal profession is probably the most regulated area in lending,... What they’re doing is hiring as many certified appraisers as they... Any use of Consumer AVM reports by End User shall be at End User's own risk, and End User hereby indemnifies and holds harmless Licensee and its licensors with respect thereto.
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